ProFrac (NASDAQ:ACDC) Sets New 12-Month High – What’s Next?

ProFrac Holding Corp. (NASDAQ:ACDC) reached a new 52-week high during trading on Monday . The stock traded as high as $9.97 and last traded at $9.80, with a volume of 633031 shares changing hands. The stock had previously closed at $9.15.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ACDC. Morgan Stanley lowered their price target on shares of ProFrac from $7.00 to $5.00 and set an “underweight” rating on the stock in a report on Friday, May 16th. Wall Street Zen upgraded shares of ProFrac from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Finally, Stifel Nicolaus reduced their price target on shares of ProFrac from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $6.90.

ProFrac Price Performance

The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The stock has a market cap of $1.57 billion, a P/E ratio of -6.96 and a beta of 1.75. The firm’s fifty day moving average price is $6.04 and its 200-day moving average price is $7.06.

ProFrac (NASDAQ:ACDC) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.20. ProFrac had a negative net margin of 9.51% and a negative return on equity of 3.54%. Analysts forecast that ProFrac Holding Corp. will post -0.5 earnings per share for the current year.

Insider Buying and Selling at ProFrac

In related news, major shareholder Holdings Lp Thrc purchased 23,599 shares of the stock in a transaction dated Monday, May 12th. The stock was purchased at an average price of $4.85 per share, with a total value of $114,455.15. Following the transaction, the insider now directly owns 79,234,130 shares in the company, valued at $384,285,530.50. This trade represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Matthew Wilks purchased 69,176 shares of the stock in a transaction dated Monday, May 12th. The stock was bought at an average cost of $4.85 per share, with a total value of $335,503.60. Following the transaction, the chairman now owns 378,153 shares in the company, valued at $1,834,042.05. The trade was a 22.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 733,996 shares of company stock valued at $4,356,960. 2.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ProFrac

A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in ProFrac by 1,822.8% in the 4th quarter. Bank of New York Mellon Corp now owns 1,785,781 shares of the company’s stock worth $13,858,000 after buying an additional 1,692,908 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of ProFrac by 10.6% during the 1st quarter. Bridgeway Capital Management LLC now owns 1,167,180 shares of the company’s stock valued at $8,859,000 after acquiring an additional 111,913 shares during the period. Empowered Funds LLC grew its stake in shares of ProFrac by 2.0% during the 1st quarter. Empowered Funds LLC now owns 594,680 shares of the company’s stock valued at $4,514,000 after acquiring an additional 11,913 shares during the period. Geode Capital Management LLC grew its stake in shares of ProFrac by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 591,501 shares of the company’s stock valued at $4,591,000 after acquiring an additional 2,893 shares during the period. Finally, American Century Companies Inc. boosted its stake in ProFrac by 10.4% in the 1st quarter. American Century Companies Inc. now owns 583,820 shares of the company’s stock worth $4,431,000 after purchasing an additional 54,908 shares during the period. Hedge funds and other institutional investors own 12.75% of the company’s stock.

About ProFrac

ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production. The company offers hydraulic fracturing, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources.